At the end of the summer, economic growth accelerated in Ukraine.

In August, the Ukrainian economy grew by 3.5% (±1%) compared to August last year. Based on the results of eight months of the year, GDP growth is estimated at 3.9% against the corresponding period of 2023.

As the Minister of Economy Yuliya Svyrydenko explained, the main contribution to this growth was made by industry, which established a direct import of electricity and positive dynamics in transport, construction, and internal trade, where there was an increase in turnover due to a rise in consumer demand.

“In addition, in August, for the first time in the last three months, businesses improved their estimates of activity for the near term. Also, consumer sentiment improved for the first time in the last two months. This is due to minimal power outages during the month,” she noted.

The growth of real GDP at the end of the year is expected at the 3.5% level. However, a shortage of qualified specialists negatively affects businesses’ expectations and restrains their economic activity.